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Earnings season opened with a split decision. The big banks delivered a combined $31.75 billion in quarterly profits — and the market sold half of them anyway. The Dow gave up a 470-point morning rally to close down 180, while the S&P 500 barely moved.
Tomorrow’s CPI is the real test. Until then, Tuesday was about rotation: out of banks and chips, into anything with a dividend or a defensive story.
Closing Numbers
Index Close Change S&P 500 7,805.45 -0.02% Dow Jones 51,670.10 -0.35% (-180 pts) Nasdaq Composite 27,204.38 -0.15% Nasdaq 100 30,569.48 -0.31% Russell 2000 2,783.37 -0.40% VIX 15.28 +0.46% The Dow’s reversal was the story: up 0.9% at the open on bank earnings, down 0.35% by the close. Caterpillar (-3%) led the downside, falling below its 200-day average for the first time since June 2025.
Yields, Dollar & Commodities
Asset Close Move 10-year Treasury 5.217% -2.5 bps 2-year Treasury 4.797% +0.6 bps Dollar index 102.182 -0.4 Gold $4,184.2/oz -0.3% WTI crude $94.79 +1.7% Natural gas $3.319 +4.5% Bitcoin ~$83,200 +0.2% Bonds reopened after the holiday and yields eased slightly — the 10-year slipped to 5.217% as NY Fed’s Williams signaled no more hikes may be needed in 2027. Oil kept climbing toward $95 on Middle East escalation.
Bank Earnings: $31.75B in Profits, Mixed Reactions
Goldman Sachs was the star. EPS of $17.01 crushed the $13.09 consensus — a 30% beat — as equities trading revenue jumped 72% to $6.44 billion and advisory fees hit a record $1.65 billion. Revenue rose 23% to $18.68 billion, Goldman’s second-best quarter ever. Shares still gained just 0.9%.
JPMorgan missed. Net income of $15.31 billion (+6%) translated to $5.57 per share, well short of the $5.90 expected, on a $658 million securities loss. Revenue of $50.2 billion also missed. Dimon warned of deficits, sticky inflation, and geopolitics “shifting under the surface.” The stock fell 0.9%.
Citigroup beat — and fell 5.6%. Profits surged 40% to $5.2 billion ($2.85 vs $2.65 expected) on the best Q3 revenue in a decade ($23.8B). The market’s verdict: good quarter, wrong tape.
Wells Fargo disappointed. Net interest income of $12.52 billion missed the $12.66 billion consensus, and the efficiency ratio worsened to 63%. Shares dropped 3.1%.
UnitedHealth raised its 2026 adjusted EPS floor to $20.50. J&J fell 6.85% on the day, amplifying the Dow’s decline.
Chip Rout: Day Two
The CXMT-driven memory selloff continued into US trading. Micron fell 3.6%, closing below its 50-day average; SanDisk dropped 5% intraday before recovering to -0.3%. SK Hynix fell another 3.2% in Asia, and Korea’s Kospi was halted at one point on excessive volatility.
Elon Musk added fuel, stoking fears of Chinese memory competition. Applied Materials and other equipment names stayed under pressure. The counterweight: Meta rose 2.6% on its Muse Wonder AI model launch, and Apple retook a buy point.
What Moved
- Oil near $95: WTI closed at $94.79, up 1.7%, as Houthi threats and Saudi strikes on Yemen kept supply risk priced in. Natural gas jumped 4.5% to $3.319.
- Williams dovish tilt: The NY Fed president told Bloomberg one more hike this year may be appropriate — but 2027 likely needs none. Bond yields eased.
- BofA’s warning: Tech allocation hit a 6-year high while 45% of fund managers expect an AI bubble by 2027. Cash stayed at 3.9%.
- Fermi +14.5%: The grid developer signed an agreement with AMD (+1.9%).
- Qualcomm-Arm verdict: The jury found a license-contract violation; both sides claimed victory.
- Google’s Gemini 4: Launched overnight, adding to the AI arms race.
Tomorrow: CPI Day
- 8:30 AM ET — September CPI: Headline expected to accelerate, core to cool. The number that decides whether December’s hike is live.
- Earnings: ASML, Bank of America, Morgan Stanley, BlackRock report before the open.
- Also: EIA crude inventories, Fed’s Beige Book.
Sources
- Investor’s Business Daily — Stock Market Today: Dow Wastes Early Gain: investors.com
- Barron’s — Bank Stocks Diverge as Earnings Roll Out: barrons.com
- Morningstar (WSJ) — JPMorgan, Goldman Profits Jump as Banks Kick Off Earnings: morningstar.com
- VistaP Global — Stock Market Today October 13, 2026: vistapglobal.com
Not financial advice. Do your own research.
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